Get an Unemployment Loan Online in Canada From Magical Credit
You’re between jobs and money is tight. You may be getting severance or employment insurance, but it’s not enough to meet your regular financial obligations, not to mention those unexpected emergencies that can wreak havoc on an already precarious income.
This is totally normal, and given the worldwide economic turmoil of the past few years, it has become the day-to-day reality for millions of Canadians. If this situation sounds familiar to you, then you need what’s known as an unemployment loan or an employment insurance loan (EI loan).
Unfortunately, no matter how understandable (and common) your situation is, most banks still won’t give you the time of day. Payday loan companies may lend to you, but they’ll charge you a hefty interest. So where can the unemployed turn for a quick emergency cash loan?
“I need a loan but I want to know what my monthly payments are going to look like.” – Use our personal loan calculator to find out!
I want to borrow:
With our unique platform, you can follow a simple repayment schedule with confidence that there will be no unpleasant surprises from us. Throughout the lending process, our team will help keep you on track with your commitments as you seek out your next job.
Our business model is not based on giving out loans to as many people as possible – we do our due diligence to ensure that you are a good candidate for financing. Blindly offering loans to all comers would inevitably mean putting some applicants in a position to default, which could further their credit woes and damage their ability to secure future financing. Our clients’ interests and financial well-being come first, and you can rest assured that if you are approved it’s because we believe you will be able to make good on your commitment.
We’re here to offer assistance to unemployed people with bad credit. Check out our loan calculator to figure out your monthly payments, and then apply online. You can be approved for a loan in as little as 5 minutes!
Best Uses for Unemployment Loans
It’s important to us at Magical Credit that unemployed applicants for cash loans have a clear idea of when it’s appropriate to seek out financing – and when it’s not! We’ve assembled a list of sound reasons why you might seek out a loan. While it’s hardly exhaustive, we think it’s a good read before you go ahead and start the application process. After all, you’ll be saving so much time with Magical Credit, you should have plenty left over to give this a quick browse!
- Internet/Mobile Plans – We’re two s (give or take): how many employers are still accepting hand-delivered resumes? And how many still advertise job openings with a sign in the window? It’s a cold fact that you need an internet connection and a mobile plan to job hunt effectively, and these can be pricey – particularly in Canada.
- Hobby Classes/Professional Development – The time between jobs can be a good time to pursue interests, develop skills, and meet new people. Community colleges offer a variety of interesting courses for a reasonable cost.
- Medical Expenses – Although Canadians enjoy universal healthcare, there are significant gaps in public coverage, including vision, dental and prescriptions. Without a workplace benefits package, you could be on the line for some substantial expenses if you or a member of your family should fall ill. An emergency cash loan can be the difference between sickness and health for the unemployed.
- Moving Expenses – New jobs often require relocating, and relocating opens up a whole slew of expenses. There’s furniture, storage rentals, moving trucks, moving equipment, set-up costs, first and last month’s rent, security deposits, and a whole lot more. Unemployment loans are a great way to make this transition go as smoothly as possible.
- Automotive Expenses & Maintenance – A lot of jobs require a car even if the job ad doesn’t outright say it. With loans for unemployed, Magical Credit can keep your car up and running, payday loans California opening the door to new employment opportunities.
- Travel – Why not get some rest and relaxation before you start your next job? Get a little sun, experience some culture, and have a bit of fun before you rejoin the 9-5.
Can I Get a Loan for Unemployed in My Province?
Although Magical Credit is a Toronto-based company, we offer emergency cash loans to the unemployed in seven provinces and two territories across Canada. Check the list below to see if you qualify and apply now!